Kyle Frank, the owner of London-based business Frank’s Remedies, recently fell victim to email hackers and lost £1,800. This phishing scam not only resulted in a financial loss but also shook Mr. Frank’s sense of security.
Phishing scams, which involve criminals using scam emails, text messages, or phone calls to deceive their victims, are a major threat to small businesses. According to a study by cyber safety brand Norton, these scam-based attacks make up 82 percent of online threats faced by small businesses.
Mr. Frank shared his experience, saying, “As a small business owner, I play many roles, and I’m always learning as I go. But in 2021, I learned firsthand how essential cybersecurity is. That phishing attack hit hard, not just financially, but it also threatened the business I work so passionately on. It was gut-wrenching to experience how vulnerable we were – and definitely a wake-up call that cyber safety needs to be a priority.”
Small businesses are increasingly targeted by scams and phishing threats, often more so than large companies. Phishing remains the most common method used by cybercriminals to gain access to small business systems and steal private data, financials, and intellectual property.
Massimo Rapparini, general manager & head of small business safety at Gen, emphasized the vulnerability of small businesses to cybercriminals. He said, “Owning a very small business often means each member of the team wears different hats, and usually cybersecurity expert isn’t one of them. Unfortunately, cybercriminals are aware of this and often target such businesses. For entrepreneurs and small businesses, falling for just one phishing email could have a devastating impact.”
Norton offers the following top tips to protect small businesses:
- Learn to spot signs of phishing and teach your employees
- Only click links or download attachments from known sources
- Avoid sharing personal information or private company data over email
- Always keep your operating system, applications, and drivers up-to-date
- Make sure your WiFi network is protected with a strong password
- Regularly back up your data
- Require employees to use a VPN when doing company work on a public WiFi network (think airports and coffee shops)
- Always use multi-factor authentication for an extra layer of protection
- Don’t neglect mobile devices – make sure they are password protected and use security software
- Invest in a cybersecurity solution such as Norton Small Business